According to the analysis, this is the slowest growth since March 2012, and at £298,438 prices are now roughly level with November 2016.
However excluding London & South East, growth across England & Wales remains at 2.8%. That’s supported by a fairly consistent picture across much of the rest of the country, with house prices rising above 3% everywhere else other than in Wales and the North East.
Oliver Blake, Managing Director of Your Move and Reeds Rains estate agents, said: “It’s a challenging time for the market, but outside London many regions are showing some resilience.
We have yet to see how this will change in the months to come, particularly following the Autumn Budget when it has been rumoured the Chancellor will make announcements that may impact the housing market.
The good news, however, is that housing is clearly on the political agenda and any action that supports buyers and sellers - and positive movement in the market - has to be encouraged.”
